3 horsemen of the Indian startup ecosystem
The Indian startup biological system has advanced progressively in the last two decades. A few startups were established during the 2000s, however, the environment was as yet dormant as just a couple of investors were active and the number of help associations, for example, incubators were restricted.
Startups in India, have gotten expanded lately. Their numbers are on the rise and they are currently being broadly perceived as significant drivers for development and job opportunities. Through the advancement and adaptable technology and innovation, startups can go about as drivers of transformation and development.
But what drives the Indian startup ecosystem? Read along.
As the Indian economy keeps on developing, incomes and buying power are expanding consistently. The upper-middle-income and high-income segments of the populace is expected to reach one out of two families by 2030, from being one of every four families today, adding to the rising consumption. The richness in culture, ethnicity, language and religion is a boon for startups. Finding solutions for a pan India market enables the startups to uptake their `business in other geographies too.
With a lot of g0overnemnt initiatives like ‘Startup India’, the government has shown its extensive support in helping the Indian startup ecosystem grow. Expected to create more job opportunities, startups are important drivers of the Indian economy. Thanks to various government schemes and benefits, So far, 14,036 startups have been recognised according to the definition of the Department of Industrial Policy and Promotion (DIPP); 660 startups have received business support, and 132 have been funded
Technology is changing at a fast pace, and with technology, newer things are coming up every day. Startups that are making the best use of technology and combining it with innovation are soring high. Technological change is the reason behind low product development costs and easy access to the consumer market. With a lot of changes in the digital functioning, including unique identification code for each Aadhar Card holder, it has become easier for startups to target their customers and with more and more people moving to e-wallets for their payments, financial inclusions are also easier for companies.